Saudi Arabia Praised for Economic Reforms and Strong IMF Support

KSA, 11 April, 2025 : IMF Managing Director Kristalina Georgieva has commended Saudi Arabia for its ongoing and robust support for the International Monetary Fund (IMF) and the International Monetary and Financial Committee (IMFC). Speaking remotely at the IMFC meeting in Diriyah, Georgieva expressed gratitude to Finance Minister Mohammed Al-Jadaan, emphasizing the IMF's enduring mission to ensure global macroeconomic and financial stability.

Saudi Arabia, a member of the IMF since 1957, assumed the IMFC chairmanship in December 2023. The IMFC, comprising 25 global finance ministers and central bank governors, advises the IMF Board of Governors on shaping international monetary and financial policy.

The two-day meeting, co-hosted by the Saudi Ministry of Finance and the IMF, focused on strengthening global financial stability, inclusive growth, and responding to challenges such as uncertain trade flows, rising debt, and demographic shifts.

Finance Minister Al-Jadaan praised IMF leadership and highlighted the importance of global cooperation, while also acknowledging Saudi Arabia’s economic transformation under Vision 2030. The IMF Executive Board noted Saudi Arabia's significant progress in diversification, modernization, and sustainable growth.

A recent IMF study confirmed that despite oil production cuts leading to a 0.8% contraction in overall GDP in 2023, Saudi Arabia’s non-oil sector grew by 3.8%, driven by private consumption and investment. The study also highlighted record-low unemployment and high female labor force participation, exceeding Vision 2030 targets.

The IMFC reaffirmed the IMF’s key role in advising and supporting member countries, particularly in ensuring financial stability amid global uncertainties.